Singapore-based Banyan Tree Hotels and Resorts is one of three hotel groups expanding its Mexican properties.
Over the next three years, Holiday Inn and Grupo Real Turismo have announced they will also be expanding their properties to include additional developments throughout Mexico.
Bayan Tree Hotels general manager, Abid Butt, says they hope to complete 10 projects over the next three years at a cost of $300 million. While some of this money will go toward new developments, others will include acquisitions.
The goal is to invest in luxury business travel sectors primarily in Los Cabos and Cancun.
The global company owns 37 hotels worldwide with two properties in Mexico, Cabo Marques in Acapulco and Bayan Tree Mayakoba, in the heart of the Riviera Maya’s new residential project.
Other developments include four new hotel additions by Grupo Real Turismo, three of which will be under their Real Inn brand in Mexico City, Querétaro and Monterrey with a fourth being a Camino Real in Tijuana. The total investment will be around $220 million.
InterContinental Hotels Group was the third group to confirm the construction of another Holiday Inn in Mazatlan. The new hotel will be located along the waterfront in the city’s golden zone.